Pre-retirees confident about nest egg: Poll

Financial Standard's latest spot poll reveals its readers are fairly confident and optimistic they will have more than enough money upon retiring.

More than half (60%) of respondents are confident they will not experience any financial shortfall.

One-in-four (26%) building their nest eggs and planning wisely for the future said they are very confident they will have more than enough money to draw on.

Financial Standard asked its readers to respond to the statement: "I am confident I will retire financially secure." The poll was formed around a recent news story where Qantas Super interviewed more than 1000 retirees and pre-retirees.

The corporate super fund's CSBA Retirement Confidence Index (RCI) showed six-in-10 (63%) respondents do not have the confidence to retire comfortably.

Poor confidence levels resonated mostly among 40 to 59-year-olds; females; non-owner housing occupiers; those with no major investments and low income earners.

The rising cost of living, global macroeconomic issues and increased government regulation or external factors are top of mind for 55% of people who have difficulty preparing for retirement comfortably.

The RCI noted only 37% of the population have a high degree of confidence, while 30% have little to no confidence.

Educated males aged 60 years and older who own their house and have $20,000 saved outside of super were the most secure about retiring financially secure.

Qantas Super chief executive Michael Clancy said the study's results speak strongly about the need to improve financial literacy so Australians are equipped with the knowledge to improve their situation - especially by taking action during early life stages to help combat the crisis of confidence and to prepare for retirement.

"We are among the best retirement systems in the world. Yet that is not reflected in how our adults feel about their retirement savings. What we are trying to do here is provoke a conversation about what superfunds, members and governments can do better," Clancy said.

This week we ask will Labor's crackdown on franking credit cash refunds will severely affect retirees?

Read more: Financial StandardQantas SuperRCICSBA Retirement Confidence IndexMichael ClancySuperannuation
Link to something 88DK3Bje